Business and Personal Finance Dictionary

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• SPECIFICATIONS
  
  1) Contract terms specified by the Exchange. 2) Term referring to the properties of a given crude oil or refined petroleum product, which are “specified” since they often vary widely even within the same grade of product. In the normal process of negotiation, the seller will guarantee the buyer that the product or crude to be sold will meet certain specified limits. Generally, the major properties of oil that are guaranteed are API gravity, sulfur, pour point, viscosity, and BS&W.
  
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